MJ:

Thats because no accounts are leaving Jones

  What a stupid thing to say.  Other than what I took from my old place when I went independent, 90% of my transfer in accounts are Jones accounts...and yes...they are still coming.   I don't seek them out and I don't twist arms, but when you have mostly Jones guys in your market and a few of them don't know what the heck they are doing and/or are too busy to service what they have, transfers from Jones are inevitable.  My personal experience has been that I transfer in close to ten times what I transfer out to Jones.  Much of it has to do with some poor stock picking (and more recently bond picking) and service issues (probably due to having too many clients).   When you grow up and get a decent-sized book, transfers will happen to you too.  I think I do a pretty doggoned good job, but you can't please everybody and bear markets will quickly show you which clients you took that you shouldn't have.   Better decide you like your crow, because it's just a matter of time until you're eating some.

Indyone:

[quote=MJ]Thats because no accounts are leaving Jones

  What a stupid thing to say.  Other than what I took from my old place when I went independent, 90% of my transfer in accounts are Jones accounts...and yes...they are still coming.   I don't seek them out and I don't twist arms, but when you have mostly Jones guys in your market and a few of them don't know what the heck they are doing and/or are too busy to service what they have, transfers from Jones are inevitable.  My personal experience has been that I transfer in close to ten times what I transfer out to Jones.  Much of it has to do with some poor stock picking (and more recently bond picking) and service issues (probably due to having too many clients).   When you grow up and get a decent-sized book, transfers will happen to you too.  I think I do a pretty doggoned good job, but you can't please everybody and bear markets will quickly show you which clients you took that you shouldn't have.   Better decide you like your crow, because it's just a matter of time until you're eating some.[/quote]   Wind is only in his 1st year.  Of course there won't be any transfer outs yet, the clients haven't had time to gauge his ability.  Even if he was a bad advisor, his (and any other newbies) clients probably think "Crap, we just spend 3 meetings rolling over our accounts to him already, I really really don't feel like seeking out another new advisor to roll our money too yet."  By the 3rd or 4th year you'll see the transfer outs for the clients who you just can't please no matter how hard you try, as well as transfer-outs for the rinky-dink $4,000 accounts you set up in your first few months and never talked to the client again.